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Updated almost 8 years ago,

User Stats

33
Posts
1
Votes
Azah Che
  • Silver Spring, MD
1
Votes |
33
Posts

Newbie with Owner Finance deal.

Azah Che
  • Silver Spring, MD
Posted
Hello BP Family Azah here. So I've just put the first property that I'm going to rehab under contract. I'm excited but worried at the same time. The deal is structured like this, ARV $228k Repairs 45k owner has a loan balance of 135k, is willing to take a DP of 12k at closing and transfer title and according to wholesaler seller is willing to carry loan in her name until property is fixed and end buyer is found and then title company will work with me to get title for new buyer ...remember the $135 k loan balance on former owner? Yes that is my worry now. how do we go about this? My lawyer says he can work some terms into the contract that covers everyone. Advise please. Fam I need your help. Thanks.

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